Mermaid Marine to Buy Jaya Offshore Businesses

MarineLink.com

Tuesday, February 25, 2014

Reutrs - Australian marine logistics firm Mermaid Marine Australia Ltd. said on Tuesday it had agreed to buy the offshore businesses of Singapore's Jaya Holdings Ltd. for $495.96 million in cash to expand its international portfolio.

Mermaid Marine, a Perth-based company which provides vessel and supply base services to offshore oil and gas explorers, will expand its scale in the Southeast Asian and Middle Eastern markets through the acquisition, the company said in a statement.

The acquired businesses include 27 vessels currently operating in South East Asia, the Middle East and East and West Africa, two shipyards in Indonesia and Singapore, and a new build pipeline of six vessels for delivery by 2015.

"The acquisition provides increased geographic diversification for our vessel operations through the addition of a complementary vessel fleet which already has operations in markets across Southeast Asia and the Middle East," Mermaid Marine managing director Jeffrey Weber said.